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Can you summarize MNST 336.3-305?
UNIFORM COMMERCIAL CODE > DEFENSES AND CLAIMS IN RECOUPMENT.
Short Summary
This legal document, under the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code (UCC), governs defenses and claims in recoupment. It outlines the rights and obligations of parties involved in the enforcement of payment instruments. The document specifies various defenses that an obligor can raise, such as infancy, duress, lack of legal capacity, fraud, or discharge in insolvency proceedings. It also allows for claims in recoupment by the obligor against the original payee of the instrument, subject to certain conditions. The document further discusses the rights of a holder in due course and the limitations on defenses and claims in recoupment against persons other than the holder. Additionally, it addresses the obligations of an accommodation party and the defenses they can assert. The document also mentions provisions related to consumer transactions and the inclusion of statements regarding claims and defenses. However, it notes that other laws may establish different rules for consumer transactions. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in the enforcement of obligations related to payment instruments
What does it govern?
Defenses and claims in recoupment under the Uniform Commercial Code (UCC)
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota